olivLaw · European equity research
Pexip Holding ASA PEXIP.OL
Norway · Euronext Oslo Børs · ISIN NO0010840507 · Vertical: Listed companies from Norway
Pexip Holding ASA develops video communication platforms that connect meeting room devices to any meeting platform and offer secure, self-hosted or private-cloud video for the public sector, defence and regulated industries. The company closed 2025 with ARR of 131 million USD and an adjusted EBITDA margin of 26%, and reported operations in 24 countries.
At the close of 06 Nov 2026, Pexip Holding ASA (PEXIP.OL) stock was 65.70 NOK (−3.52% on the day), with market capitalisation 6.8 bn NOK, P/E 33.5 on diluted EPS of 1.96 NOK over the last 12 months, dividend yield 3.84%, beta 0.47, 52-week range 55.30–84.60 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 31.2
- weak (30–45)
- Bollinger (20, 2)
- 66.51 – 79.80
- below the lower band · %B -0.06 · band width 18.2%
- SMA 50 / 200
- 73.87 / 73.48
- mixed trend
- MACD (12, 26, 9)
- -1.72 / -1.11
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −11.2% | −0.6% | −10.6 pp | — |
| 3 months | −19.4% | −4.2% | −15.2 pp | — |
| 6 months | −19.2% | +4.3% | −23.5 pp | — |
| Year to date | −15.7% | +7.5% | −23.2 pp | — |
| 1 year | +5.1% | +9.9% | −4.8 pp | −4.7% |
| 3 years | +240.1% | +49.8% | +190.2 pp | +12.7% |
| 5 years | +60.5% | +42.8% | +17.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 2-quarter history (min 39.2, median 39.5, max 39.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 993.6 m | 1.1 bn | 1.2 bn |
| Revenue YoY | unavailable | +12.6% | +9.8% |
| Net income | -79.8 m | 117.9 m | 207.8 m |
| Net income YoY | unavailable | unavailable | +76.2% |
| Diluted EPS | -0.79 | 1.12 | 1.96 |
| Diluted EPS YoY | unavailable | unavailable | +75.0% |
| net % | -8.0% | 10.5% | 16.9% |
| Free cash flow | 161.0 m | 228.4 m | 390.1 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 384.1 m NOK
- Financial debt
- 1.8 m NOK
- Net debt
- -382.3 m NOK
- Equity
- 1.5 bn NOK
- Total assets
- 2.2 bn NOK
- Debt / equity
- 0.00x
- Current ratio
- 1.64x
- ROE
- 13.3%
- ROA
- 9.5%
- FCF margin
- 31.8%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 993.6 m | 1.1 bn | 1.2 bn | esef· 21 Oct 2026verified |
| Cost of revenue | 99.0 m | 105.1 m | 101.4 m | esef· 21 Oct 2026verified |
| Gross profit | 894.6 m ≈ | 1.0 bn ≈ | 1.1 bn ≈ | esef· 21 Oct 2026derived |
| Operating income | -96.8 m | 109.5 m | 258.5 m | esef· 21 Oct 2026verified |
| Depreciation & amortisation | 126.4 m | 78.1 m | 52.5 m | esef· 21 Oct 2026verified |
| EBITDA | 29.7 m ≈ | 187.7 m ≈ | 311.1 m ≈ | esef· 21 Oct 2026derived |
| Interest expense | 2.7 m | 3.4 m | 3.1 m | esef· 21 Oct 2026verified |
| Pre-tax income | -63.5 m | 164.2 m | 263.3 m | esef· 21 Oct 2026verified |
| Income tax | 16.3 m | 46.3 m | 55.5 m | esef· 21 Oct 2026verified |
| Net income | -79.8 m | 117.9 m | 207.8 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.79 | 1.12 | 1.96 | esef· 21 Oct 2026verified |
| Dividend per share | — | 1.10 | 2.53 | esef· 21 Oct 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 522.7 m | 422.1 m | 384.1 m | esef· 21 Oct 2026verified |
| Receivables | 183.7 m | 313.8 m | 314.0 m | esef· 21 Oct 2026verified |
| Current assets | 769.3 m | 968.5 m | 952.1 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 11.6 m | 20.1 m | 16.1 m | esef· 21 Oct 2026verified |
| Goodwill | 599.0 m | 599.0 m | 599.0 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 125.5 m | 95.7 m | 97.1 m | esef· 21 Oct 2026verified |
| Total assets | 2.0 bn | 2.2 bn | 2.2 bn | esef· 21 Oct 2026verified |
| Accounts payable | 130.4 m | 156.5 m | 181.0 m | esef· 21 Oct 2026verified |
| Short-term debt | 132.0 k | — | 1.8 m | esef· 21 Oct 2026verified |
| Long-term debt | 2.2 m | 2.0 m | — | esef· 08 May 2025verified |
| Current liabilities | 405.4 m | 512.6 m | 580.8 m | esef· 21 Oct 2026verified |
| Total liabilities | 466.2 m | 597.9 m | 659.1 m | esef· 21 Oct 2026verified |
| Equity | 1.6 bn | 1.6 bn | 1.5 bn | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 101.0 m | 101.6 m | 102.9 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 177.6 m | 244.5 m | 394.1 m | esef· 21 Oct 2026verified |
| Capex | 16.6 m | 16.1 m | 4.0 m | esef· 21 Oct 2026verified |
| Free cash flow | 161.0 m ≈ | 228.4 m ≈ | 390.1 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -51.2 m | -240.7 m | -35.1 m | esef· 21 Oct 2026verified |
| Financing cash flow | -28.2 m | -127.9 m | -376.1 m | esef· 21 Oct 2026verified |
| Dividends paid | — | 111.7 m | 259.8 m | esef· 21 Oct 2026verified |
| Share repurchases | — | -609.0 k | 100.0 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 68 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 6.8 bn NOK
Key indicators
Coverage and freshness
Score by group
- Valuation35
- Balance sheet89
- Returns76
- Quality88
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Unattractive profile · Score 68/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 17.6% | 82 (vs peers) | 13% |
| Net margin · Quality | 16.9% | 87 (vs peers) | 8% |
| FCF conversion · Quality | 187.8% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -1.2x | 90 (vs peers) | 13% |
| Interest coverage · Balance sheet | 83.5x | 100 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 1.6x | 70 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 33.5x | 25 (vs peers) | 13% |
| EV/EBITDA · Valuation | 20.5x | 14 (vs peers) | 13% |
| FCF yield · Valuation | 5.8% | 72 (on a fixed band) | 10% |
| Shareholder yield (distributions) · Returns | 5.3% | 76 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 66.6% | 76 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet89/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality88/100 · 3/3 factors with a value
- Returns76/100 · 2/2 factors with a value
- Valuation35/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
PEXIP HOLDING ASA (PEXIP.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 1.2 bn NOK in 2025; YoY growth 9.8%; net margin 16.9%; ROE 13.3%; net debt/EBITDA -1.2x.
The estimated value range is 26.48–47.03 NOK per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 34.78 NOK, the price of 65.70 NOK leaves a potential of -47.1% (value / price − 1) and a margin of safety of -88.9% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 68/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 17.6%
- Net margin: 16.9%
- FCF conversion: 187.8%
- Net debt / EBITDA: -1.2x
- Interest coverage: 83.5x
- FCF yield: 5.8%
- Shareholder yield (distributions): 5.3%
- Payout ratio (FCF): 66.6%
What contradicts it
- P/E (TTM): 33.5x
- EV/EBITDA: 20.5x
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y.
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| PEXIP.OLPexip Holding Asa | 6.8 bn | 33.5 | 13.3% | 16.9% | +9.8% | +12% / +164% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
1- and 3-year price returns: for PEXIP.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 42.16 Total return -33% · Per year -33% | 74.35 Total return 17% · Per year 17% | 111.75 Total return 74% · Per year 74% |
| 3 years | 45.40 Total return -23% · Per year -8% | 89.66 Total return 48% · Per year 14% | 147.30 Total return 138% · Per year 34% |
| 5 years | 48.89 Total return -12% · Per year -2% | 108.11 Total return 85% · Per year 13% | 194.16 Total return 223% · Per year 26% |
- Exit P/E± 22.41
- Net margin± 15.69
- Annual revenue growth± 12.26
- Annual dilution± 1.32
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Pexip Holding ASA develops video communication platforms that connect meeting room devices to any meeting platform and offer secure, self-hosted or private-cloud video for the public sector, defence and regulated industries. The company closed 2025 with ARR of 131 million USD and an adjusted EBITDA margin of 26%, and reported operations in 24 countries 1.
SWOT
Strengths
- The company has a very high gross margin and solid free cash flow, giving it financial flexibility, according to the report 1.
- Its interoperability and private deployment technology is described as a differentiator, with a broad base of enterprise and public sector customers 1.
- Partnerships with major industry providers and a network of more than 300 partners extend access to customers 1.
Weaknesses
- Pexip depends heavily on spending and contracts from the public sector and regulated industries, where decision cycles can be long.
- Activity outside Norway is significant and foreign currency exposure is not hedged, which can introduce volatility into results 1.
- The company is small relative to the large meeting platforms, which limits marketing and development resources.
Opportunities
- Demand for digital sovereignty and security could grow if regulation in Europe and other regions requires local control of data 1.
- Private AI and integration of video into critical workflows could open new market segments, according to management 1.
- Expanding partnerships with large collaboration platforms could bring new customers without high acquisition costs.
Threats
- Sanctions and trade barriers could restrict service delivery in some markets, and the company flags uncertainty for 2026 1.
- Large platforms extending their native functionality could reduce the need for external interoperability solutions.
- Energy and data centre costs could rise, which would affect operating margins, according to the report 1.
Risks
- Sanctions and trade regulationhigh
International sanctions and trade barriers could limit accessible markets and require additional checks on customer and partner relationships 1.
- Dependence on large customersmedium
The business relies on contracts with large enterprises and public sector bodies whose procurement decisions can be delayed or reduced, which could slow ARR growth.
- Dependence on technology partnersmedium
The go-to-market strategy relies on partnerships with major platform providers; changes in these relationships could affect access to customers 1.
- Infrastructure costslow
Power consumption of cloud services and data centre costs could rise, with an impact on operating costs, according to the report 1.
Investment thesis
What would need to be true (bull case)
- If demand for sovereign and secure collaboration keeps growing, Pexip could expand ARR and sustain high margins, given the gross margin and cash flow it reports 1.
- Positioning as a complement to the large platforms, with an ecosystem of more than 300 partners, could allow growth without directly competing with the sector's giants 1.
- A customer base in the public sector and defence that asks for private solutions could bring long-term contracts and predictable recurring revenue.
What would break the thesis
- Uncertainty around sanctions and the geopolitical context could limit access to some markets and slow growth, as the report warns 1.
- The company is small compared with platform competitors, which could make it harder to sustain the pace of innovation over the long term.
- If large platforms improve native interoperability, the need for external solutions could fall, which would weigh on the Connected Spaces segment.
What to watch
- Progress of ARR growth against the double-digit growth target and Rule of 40 performance2026
- Effect of sanctions and trade uncertainty on deliveries in European and international marketsnext 10-K
- Approval of the proposed dividend of NOK 4.0 per share at the April 2026 Annual General Meeting2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Pexip has two main solution areas, powered by the Infinity software platform: Pexip Connected Spaces, which connects any meeting room device to any meeting platform, and Pexip Secure & Custom Spaces, for video meetings self-hosted on-premises or in a private cloud when complete privacy and control over data is required 1. Its customers include governments, public sector bodies, defence, healthcare, justice and large global enterprises, many of which operate in controlled IT environments 1. The company says its position rests on technology partnerships and on embedding video into mission-critical workflows, not only on everyday meetings 1.
The business model is subscription-based, and the main metric management tracks is contracted ARR, which grew 16% in 2025 1. Pexip reports a gross margin of 92% and a free cash flow margin of 29% for 2025 1. The company operates with an ecosystem of more than 300 partners, including technology providers and resellers, which lets it reach customers without replacing the platforms they already use 1.
The headquarters is in Oslo, and the company has offices in Washington DC, Stockholm, London, Madrid, Milan, Sydney, Tokyo, Singapore, Utrecht, Ghent and Paris 1. Pexip Holding ASA is a parent company with no employees of its own, and operations are run through Pexip AS 1.
Segments
Pexip Connected Spaces
This area connects devices in meeting rooms to any meeting platform, protecting customers' existing investments and reducing friction for IT teams 1. Management considers interoperability a durable need as organisations work across several platforms 1.
Pexip Secure & Custom Spaces
This area covers video meetings self-hosted on-premises or in a private cloud, used by governments, defence and regulated sectors where control of data and compliance are operational requirements 1. It also includes video embedded in healthcare and justice workflows and Private AI 1.
Market context
Management describes the video collaboration market as maturing and expanding, with hybrid work a permanent model for many organisations and video embedded in public services, healthcare and legal proceedings 1. Demand is rising for solutions that combine simplicity, reliability, security and deployment control, but the report does not quantify the total market size 1.
Market dynamics are shaped by sovereign IT and cybersecurity mandates, which in some regions have become regulatory requirements rather than technical preferences 1. The company also points to growing interest in private AI and in video for high-security and mission-critical meetings 1.
Trends
- Sovereignty and control over datatailwind
Governments and regulated organisations are re-architecting collaboration around questions of data control, location, access and resilience, which favours locally or privately hosted solutions 1.
- Interoperability across platformstailwind
Organisations operate in a multi-platform world, and the need for systems that work regardless of the meeting platform remains persistent, supporting the company's room-connection offer 1.
- Private AImixed
Public sector and regulated customers ask for AI capabilities that can be governed and deployed on their own terms, not only on a public cloud provider's infrastructure 1.
- Geopolitical and trade uncertaintyheadwind
Sanctions, trade barriers and the geopolitical context are described as uncertain for 2026, which could affect software delivery in several markets; the company has ceased commercial activity in Russia, Belarus and the named Ukrainian regions 1.
Competitive position
The annual report does not name direct competitors. Pexip positions itself as a specialist that complements the large meeting platforms rather than replacing them, and partnerships with major industry providers are, according to the company, part of its go-to-market model 1.
The company's stated advantage lies in technology with a high level of security and deployment flexibility, and in its list of large enterprise and public sector customers 1. The report gives no market shares, so the competitive position rests only on management's own statements 1.
- Large meeting platform providers
Pexip complements these platforms rather than replacing them, and the source does not name them individually.
- Video providers running on public cloud infrastructure
Competition may come from solutions running on public infrastructure, in contrast to Pexip's private offer.
- Systems integrators and IT service providers
They are partners in the company's ecosystem but could also become alternatives for secure collaboration projects.
- Meeting room hardware vendors
Hardware partnerships are described in the report, but these vendors may also offer their own room-connection solutions.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Pexip Holding ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.